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BOGOTA, April 29 (Reuters) - Colombia's central bank unexpectedly increased the benchmark interest rate by a half point on Friday in an effort to stem still-rising inflation even as economic growth is weakened by a drop in oil prices.
The seven-member board decided to boost the lending rate to 7 percent, surprising the majority of analysts in a Reuters survey, who had expected a 25 basis point rise.
The bank expects economic growth to be between 1.5 percent and 3.2 percent this year with 2.5 percent as most probable, board director Jose Dario Uribe said. (Reporting by Bogota newsroom)